April 13 (Reuters) - Australia's AMA Group Ltd said on Friday it would spin off its automotive component, accessory and procurement business and separately sell its vehicle panel repair arm to funds advised by buyout firm Blackstone Group for an enterprise value of A$508 million ($394.92 million).

The automotive aftercare firm said it planned to list the automotive component, accessory and procurement business on the Australian Securities Exchange, and that AMA shareholders would be entitled to shares in the new company on a one-for-one basis.

Under the separate Blackstone deal, shareholders would receive A$0.86 per share for their stake in the vehicle panel repair business either wholly in cash or through a cash and unlisted scrip mix.

"This separation will ensure that neither business has its prospects limited by the competing demands of the other business for board and management attention and financial resources," AMA Executive Chairman Ray Malone said in a statement.

AMA's board unanimously recommended shareholders vote in favour of both transactions, the company said in the statement.